Bitcoin is not the popular kid on the financial block
Bitcoin is continuously being criticized by the financial world, however, there are some out there that are backing Bitcoin. One of them is Peter Thiel, venture capitalist & co-founder of PayPal. Thiel currently has a net worth of around 2.5 billion dollars.
Peter Thiel has been publicly backing Bitcoin for around a year now and has pushed the market up by doing so. Reportedly, Thiel has invested approximately 20 million dollars in bitcoin through his venture capital firm, he isn’t very interested in the rest of the crypto market, as he believes only one will act as digital gold.
I would be long bitcoin, and neutral to skeptical of just about everything else at this point with a few possible exceptions,” Thiel said during a conversation Thursday at the Economic Club of New York. “There will be one online equivalent to gold, and the one you’d bet on would be the biggest
There are often discussions whether bitcoin is going to be a currency or a store of value. Peter Thiel obviously thinks it’s going to be a store of value. But, technologies such as the Lightning Network is working towards making bitcoin faster than ever, and cheaper to use than ever. In the original whitepaper by Satoshi Nakamoto, bitcoin was described as a decentralized digital currency, so just being a store of value was never the intended.